Most Popular
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[Weekender] Geeks have never been so chic in Korea
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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[KH Explains] Why Korea's so tough on short selling
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US military commander in S. Korea during Gwangju uprising dies
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Actors involved in past controversies return first via streaming service originals
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[Photo News] Seoul seeks 'best sleeper'
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Preferred bidder for Kumho Tire to be announced early next week
Park Sam-koo, chairman of Kumho Asiana Group. (Yonhap)The creditors of Kumho Tire, South Korea’s second-largest tire firm, announced Friday they will hold off making a decision on a preferred bidder for the tire maker until early next week. Nine creditors including Korea Development Bank, Woori Bank and Kookmin Bank were scheduled to announce a preferential bidder by Friday afternoon.However, deal adviser Credit Suisse requested more time to review nonprofit aspects of the bidders, such as futur
Jan. 13, 2017
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Court metes out five-year jail sentence to former cosmetics firm chief in lobbying case
A Seoul court on Friday meted out a five-year jail sentence to a former chief of local cosmetics brand Nature Republic who has been at the center of a high-profile lobbying scandal that rocked the country's legal circles.The Seoul Central District Court found Jung Woon-ho guilty of bribery. The court also sentenced Kim Soo-chun, a former senior judge, to seven years in jail for taking hundreds of millions of won in kickbacks from Jung.Jung, 52, has been accused of bribing judges and lawyers in r
Jan. 13, 2017
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Snags emerge in Samsung's businesses as Lee quizzed in corruption scandal
Samsung Group, South Korea's biggest business conglomerate, is bracing for a possible leadership vacuum as the group's de facto chief, Lee Jae-yong, was questioned as a suspect in the corruption scandal that led to the impeachment of President Park Geun-hye. Lee Jae-yong, vice chairman of Samsung Electronics Co., leaves the special prosecutor's office in Seoul on Jan. 13, 2017, after 22 hours of questioning over allegations Samsung Group offered financial aid to President Park Geun-hye's longtim
Jan. 13, 2017
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Audi Volkswagen to launch first new car since scandal in Korea
Audi Volkswagen Korea, the local importer and distributor of the German brands, is moving to introduce a new car in South Korea that will mark the first car to be launched here since its emissions scandal that has led to a sales ban on most of its vehicle models, informed sources said Friday.According to the sources, the company recently had its 2017 model year A7 55 TDI Quattro certified by the environment ministry for emissions and noise levels, and is now in the process of having the car regi
Jan. 13, 2017
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Mando files countersuit against Bosch over alleged patent infringement
Mando Corp., a South Korean auto parts maker, has filed a countersuit against Robert Bosch GmbH in the United States over alleged infringement of two of its auto-parts patents, an industry source said Friday. The German auto parts supplier had sued Mando four months earlier for alleged breach of four of Bosch's patents related to auto components. The suit was filed at the US District Court for the Eastern District of Michigan. Mando's plant in Poland. (Mando)In a written response sent to the US
Jan. 13, 2017
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Whisky companies violating tag law to boost sales
Leading whisky brands in South Korea are resorting to law violations to push up sales for the Lunar New Year holiday and make up for the slumping market, industry officials said Friday.Liquor companies market specially packaged gift sets for the holiday when tens of millions of South Koreans travel to their hometowns with presents for family and kin. A whisky gift set commonly consists of a 700 milliliter bottle with an extra miniature 50 ml bottle, both of which must have electronic tags, known
Jan. 13, 2017
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Samsung Group left unsettled
Nearly all of Samsung Group was placed on full alert Thursday, as de facto leader Lee Jae-yong walked into the office of the special counsel on the presidential scandal in the morning as a suspect facing possible charges of bribery. (Chung Hee-cho/ The Korea Herald)Since the second half of last year, the nation’s largest conglomerate had kept its profile low, delaying major executive-level reshuffles and withholding celebrations despite Samsung Electronics’ estimated 50 percent jump in earnings
Jan. 12, 2017
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LG Hausys targets imitation marble market in North America
LG Hausys disclosed new products made from engineered stone and imitation marble at the “KBIS 2017,” North America’s largest kitchen and bath industry show. (Yonhap)Engineered stone is a premium product that resembles natural marble on the outside, and is highly fouling resistant. Its demand is continuously increasing, particularly in North America and Europe. LG Hausys has completed the expansion of its product line in its factory in Georgia last year.The company’s exhibition hall displayed liv
Jan. 12, 2017
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Samsung heir questioned over Park scandal
Samsung heir apparent Lee Jae-yong was questioned by special investigators as a bribery suspect Thursday, putting not only himself, but also the tech giant deeper into the quagmire that centers on the corruption charges of President Park Geun-hye and her longtime friend Choi Soon-sil.Surrounded by the press and hundreds of protestors, the vice chairman of Samsung Electronics, the world’s largest smartphone and chipmaker, entered the special investigation team’s office in southern Seoul at 9:30 a
Jan. 12, 2017
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Acting president vows expanded support for SMEs
Acting President and Prime Minister Hwang Kyo-ahn on Thursday vowed to expand policy support for small and medium-sized enterprises, stressing their role in creating jobs and revitalizing the economy.During the New Year's greeting session with local SME leaders, Hwang also said that his government will strive harder to promote the globalization of SMEs as part of efforts to shore up flagging exports. (123rf)"SMEs are the root of our economy. They are locomotives for another leap forward and the
Jan. 12, 2017
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Air Seoul launches in-flight magazine ‘Your Seoul’
The cover of “Your Seoul” (Air Seoul)Local low-cost carrier Air Seoul said Thursday that it launched an in-flight magazine called “Your Seoul” to promote the tourism attractions of Korea‘s capital.The magazine is part of the airline’s cooperative efforts with Seoul to help increase the brand power of the city.“Your Seoul” includes information on Air Seoul‘s various destinations in addition to Seoul. The first 64-page volume includes recommendations of relatively unknown destinations in Seoul fro
Jan. 12, 2017
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Korea approves Volkswagen's recall plan on faked emissions vehicles
The South Korean government said Thursday it has approved German carmaker Volkswagen's recall measures for its sports utility vehicles that were found to have been sold in the country using fake emissions-related documentation. The Ministry of Environment said the recall plan for 27,000 Tiguans submitted by the auto giant met the standards in terms of emissions and fuel efficiency.After the carmaker's emissions scandal broke out in the United States in September 2015, the Seoul government launch
Jan. 12, 2017
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Sales of OEM cars plunge 13.2% on-year in 2016
Sales of vehicles produced overseas and sold here by local manufacturers shrank greatly from a year earlier last year, data showed Thursday, apparently due to advances by local competitors.In 2016, sales of the so-called OEM cars came to 27,348, down 13.2 percent from 31,520 cars sold the previous year, according to the data from the Korea Automobile Manufacturers Association. The QM3 small SUV by Renault Samsung Motors Co., the South Korean unit of French automaker Renault S.A. (Renault Samsung
Jan. 12, 2017
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Korea's top 3 shipbuilders to cut over 4,000 jobs this year
The brutal job-cutting in South Korea's shipbuilding industry is expected to continue into this year, with the nation's three largest shipbuilders expected to slash more than 4,000 jobs, according to industry sources Thursday. South Korean shipbuilders have been under serious financial strain since the 2008 global economic crisis amid falling oil prices, which sent new orders tumbling amid a glut of vessels and stiffer competition from Chinese rivals.Daewoo Shipbuilding & Marine Engineering Co.,
Jan. 12, 2017
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Naver's ad revenue neared W3tr in 2016
South Korea's largest Internet portal Naver Corp. is forecast to have raked in nearly 3 trillion won ($2.53 billion) in revenue generated from advertisements last year, industry sources said Thursday.Naver is estimated to have logged 2.95 trillion won in sales from the advertisement sector in 2016, nearly a 30-percent jump from 2.32 trillion won posted in 2015, they said.The 2016 revenue is almost twice the combined revenue of some 3,700 newspapers across the country, they said.The combined ad r
Jan. 12, 2017
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FKI to hold meeting of key groups despite low turnout
The Federation of Korean Industries plans to hold a meeting of its key member companies later Thursday, but most of the firms are widely expected to miss the meeting because of a corruption scandal involving the business lobby that has made their chief executives subject to investigation.The FKI also faces possible dissolution due to the scandal that involves President Park Geun-hye and her close friend Choi Soon-sil.The scheduled meeting is a regular meeting of chief executives of some 20 key F
Jan. 12, 2017
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Samsung BioLogics eyes new deals at US healthcare conference
Samsung BioLogics is currently in talks over new supply deals with 15 global pharmaceutical companies, said the CEO of Samsung Group’s contract drug manufacturing unit during the 35th JPMorgan Healthcare Conference in San Francisco. “Thanks to its exclusive plant construction and operation capabilities, Samsung BioLogics has already sealed production deals worth $2.9 billion with six global pharmaceutical companies to produce nine products,” Kim Tae-han said during a presentation delivered Tuesd
Jan. 11, 2017
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Incheon Airport, customs service in duty-free row
Incheon Airport Corp. and Korea’s customs regulator are in a battle over the process of choosing duty-free operators for the airport’s second terminal, which is currently under construction.According to the Korea Customs Service on Tuesday, it has informed Incheon Airport Corp. that it will be creating a licensing committee to evaluate bids for duty-free shops in the upcoming second terminal of the airport, similar to the committees involved in choosing operators for duty-free shops outside of a
Jan. 11, 2017
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Amorepacific seeks to tap into the Middle East
The first Etude House store in Dubai, United Arab Emirates, is slated for launch in the second half of this year. (Amorepacific)Amorepacific, South Korea’s biggest cosmetics maker, will set foot in the Middle East by launching the first Etude House store in Dubai in the second half of this year, the firm said Wednesday. The cosmetics maker joined hands with Alshaya Group, the largest retail firm in the Middle East, last December to tap into the fast-growing Middle Eastern cosmetics market.Amorep
Jan. 11, 2017
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Hyundai, Kia flag nearly record-breaking sales in France
Hyundai Tucson compact SUV (Hyundai Motor Group)Hyundai Motor and Kia Motors sold a combined 61,727 automobiles in France last year, just 24 units short of setting a new record, industry data showed Wednesday. The automakers sold a record 61,751 units in 2012, according to state-run Korea Trade-Investment Promotion Agency.Hyundai Motor sold 28,043 units, up 17 percent on-year, while Kia Motors sold 33,684 units, up 15.6 percent on-year. Combined, the two firms saw a 16.2 percent increase in sale
Jan. 11, 2017